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(NAR) VOL. 16 NO. 3 / JULY - SEPTEMBER 2005

[ BSP CIRCULAR NO. 491, July 12, 2005 ]

TO APPROVE THE INCREASE IN THE RESERVE REQUIREMENTS FOR UNIVERSAL BANKS (UBS) AND COMMERCIAL BANKS (KBS) AND NON-BANK FINANCIAL INTERMEDIARIES WITH QUASI-BANKING FUNCTIONS AND WITH TRUST LICENSE



The Monetary Board, in its Resolution No. 898 dated 7 July 2005, approved the following increase in the reserve requirements for Universal Banks (UBs) and Commercial Banks (KBs) and Non-Bank Financial Intermediaries with Quasi-Banking Functions and with Trust License by 1 percentage point for the statutory/legal reserves and another 1 percentage point for the liquidity reserves, as follows:

                                                                                                                                                                                                                                                                                                                                                 
A. Peso Demand, Savings and Time Deposit Liabilities and Deposits Substitutes
 



 
Statutory/Legal Reserves
Liquidity Reserves
 
From
To
From
To
 



Universal Banks
9%
10%
10%
11%
Commercial Banks
9%
10%
10%
11%
NBFIs with QB Function
9%
10%
10%
11%
 



B. Common Trust Funds and Other Similarly Managed Funds (CTF)
 
 



 
Statutory/Legal Reserves
Liquidity Reserves
 
From
To
From
To
 



Universal Banks
9%
10%
10%
11%
Commercial Banks
9%
10%
10%
11%
NBFIs with Trust License
9%
10%
10%
11%
 



C.Trust and Other Fiduciary Activities (TOFA-Others)
 
 



 
Statutory/Legal Reserves
Liquidity Reserves
 

From
To
 


Universal Banks
6%
10%
11%
Commercial Banks
6%
10%
11%
NBFIs with Trust License
6%
10%
11%
    
D. The required liquidity reserves may be maintained in the form of short-term market yielding government securities purchased directly from the Bangko Sentral ng Pilipinas - Treasury Department, pursuant to Circular 10 dated 29 December 1993.

The new reserve requirements shall be effective starting for reserve week 15 July 2005.

Adopted: 12 July 2005

(SGD.) AMANDO M. TETANGCO, JR.
Governor

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